Arab Today, arab today spanish public debt hits new record
Last Updated : GMT 19:00:26
Arab Today, arab today
Arab Today, arab today

Spanish public debt hits new record

Arab Today, arab today

Arab Today, arab today Spanish public debt hits new record

Madrid - AFP

Spain\'s public debt reached a record high at the end of the first half of 2012, official data showed Friday, fuelling concerns that the country will need a full-blown financial bailout. The debt stood at 75.9 percent of output at the end of June, according to the Bank of Spain, up from 66.7 percent during the same time last year and close to the government\'s target for the end of the year of 79.8 percent. While Spain\'s public debt is below the eurozone average of 88.2 percent, it has risen sharply following the collapse of a property bubble which caused tax revenues to plunge and social spending on items like jobless benefits to soar. The struggling country\'s public debt has ballooned from a pre-economic crisis low of 36.3 percent of gross domestic product in 2007 to 69.2 percent at the end of last year. Prime Minister Mariano Rajoy\'s right-leaning government, in office since December, has raised taxes and made steep spending cuts to put its finances in order, sparking widespread street protests. But with Spain facing a worsening recession, high borrowing costs and looming debt repayments including about 30 billion euros ($38 billion) in October, investors believe the country will soon seek a full-blown bailout. Madrid has already accepted a eurozone rescue loan of up to 100 billion euros to save banks still reeling from a 2008 property market crash. The government predicts the public debt will continue to rise and will reach 82.3 percent in 2013 before easing slighly to 81.5 percent the following year. Spain\'s 17 powerful regions, which account for half of all government spending, had a debt burden equal to 14.2 percent of output at the end of June, up from 12.8 percent from the same time last year, the central bank said. Catalonia is the country\'s most indebted region, with debt at 22 percent of its regional output, followed by Valencia with a debt 20.8 percent. The two regions have requested financial aid from an 18-billion-euro liquidity fund set up by the central government to help struggling regions service their debts. The northeastern Catalonia region, whose capital is Barcelona, is seeking 5.0 billion euros, the eastern region of Valencia up to 4.5 billion euros. Spain\'s municipalities had a public debt of 3.4 percent of output at the end of June, down slightly from 3.5 percent the previous year. Madrid is committed to lowering Spain\'s deficit to 6.3 percent of output this year from 8.9 percent in 2011, the third-largest in the eurozone. It then wants to lower the deficit to 4.5 percent in 2013 and 2.8 percent in 2014. But with the International Montetary Fund predicting the Spanish economy will shrink by 1.7 percent this year and by 1.2 percent in 2013, many economists believe it will be very difficult to meet these targets.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spanish public debt hits new record Arab Today, arab today spanish public debt hits new record

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today spanish public debt hits new record Arab Today, arab today spanish public debt hits new record

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today EasyJet, Lufthansa among seven to bid

GMT 06:49 2017 Tuesday ,17 October

EasyJet, Lufthansa among seven to bid
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israeli court convicts Palestinians of 2016

GMT 04:39 2017 Tuesday ,17 October

Israeli court convicts Palestinians of 2016
Arab Today, arab today Iran's Facebook shuts down

GMT 23:50 2017 Monday ,16 October

Iran's Facebook shuts down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Sidem reveals plan to improve education

GMT 15:52 2017 Friday ,06 October

Sidem reveals plan to improve education
Arab Today, arab today British actress becomes fifth woman

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman
Arab Today, arab today Three killed, 360,000 without power

GMT 05:11 2017 Tuesday ,17 October

Three killed, 360,000 without power
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Mercedes says recalls 400,000 UK cars

GMT 06:56 2017 Tuesday ,17 October

Mercedes says recalls 400,000 UK cars
Arab Today, arab today Britain's Vauxhall to cut 400 jobs

GMT 10:53 2017 Sunday ,15 October

Britain's Vauxhall to cut 400 jobs
Arab Today, arab today Anoshka happy for reactions to her talk show

GMT 12:33 2017 Friday ,13 October

Anoshka happy for reactions to her talk show
Arab Today, arab today India to close colonial-era military farms

GMT 18:49 2017 Monday ,16 October

India to close colonial-era military farms

GMT 10:55 2017 Thursday ,12 October

Safaa Sultan happy for “Love School”

GMT 10:37 2017 Thursday ,12 October

Cara Delevingne accuses Weinstein

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 12:02 2017 Saturday ,14 October

Conservation cutbacks put Brazil's

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 12:25 2017 Saturday ,14 October

Squeeze on UK health gives advanced

GMT 07:02 2017 Sunday ,15 October

German minister sparks uproar

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 03:59 2017 Sunday ,15 October

US mobile carriers Sprint, T-Mobile to merge

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday